Putting house jointly in Wife's name after mortgage paid off

[LegalAnon]

Hi

The mortgage on my house was in place when I met my now Wife.

For a very long time we have both contributed to the mortgage. It won't be long until the mortgage is paid off.


We have POAs and mirror wills - so the house would go to her anyway, but i want to put the house in her name officially also.


I spoke to our mortgage lender and they said "that would be a job for a solicitor". Can anyone advise on the process and costs.


Many thanks

[PallasAthena]

Is your estate going to large enough be liable for Inheritance Tax? If so have you sought advice from a specialist financial advisor?

Transferring legal ownership at the Land Registry as a gift from you to your wife isn't complicated and any firm of solicitors should be able to do it for you. Contact a couple and ask for a quote.

The possible affect on your tax status could be more complex.

[Frank1]

What does it say in the wills about the estate when the surviving spouse dies?

[LegalAnon]

"Is your estate going to large enough be liable for Inheritance Tax? If so have you sought advice from a specialist financial advisor?"
House is worth about £350k. No savings. Not sought any advice as of yet - just trying to get some education first.

"Transferring legal ownership at the Land Registry as a gift from you to your wife isn't complicated and any firm of solicitors should be able to do it for you. Contact a couple and ask for a quote."
I want to put the house in BOTH of our names, so not gifting her the entire house.

"What does it say in the wills about the estate when the surviving spouse dies?"
We got a mirror will. I will have to check exactly what it says. But essentially we had asked for "if one dies, the other gets the house". So that's covered...
It's more a case of giving her the security and knowledge that it's jointly owned.

Thanks!

[Frank1]

You will probably need the consent of your mortgage company to change the legal ownership of the property, so best to contact them first
The main advantage of joint ownership is that under the rules of survivorship the surviving co-owner will become the sole owner without the need for probate.
Completing land registry forms AP1, TR1 and ID1 is not straight forward and it is best undertaken by a conveyancing solicitor.
Other readers maybe able to provide an approximate cost of legal fees. I would have thought £300 to £500 is fair.

[Frank1]

Para 2 meant to add following the death of a co-owner

[LegalAnon]

Thanks!
£300 - 500 is fair.
I'll contact a solicitor and see what their charges are.

thanks again

[atticus]

That estimate requires the mortgage lender not to create any difficulty with its requirements.

[PallasAthena]

LegalAnon can clarify when you are intending to make this change to joint ownership?

Your first post suggested you only intend to do it after you have paid off your mortgage, and that would be soon.

If your mortgage is paid off then obviously you won't need the mortgage lender's permission to change the ownership

[LegalAnon]

Thanks for follow ups.

So, that was going to be another question.. is it better to do it now whilst the mortgage is active or wait until mortgage is paid off...
My plan was always to do it when the mortgage was paid off... 2-4 yrs time...
And by comments above, it seems best to wait til then. I can though in the interim get some ideas of process and costs.

[PallasAthena]

I don't think anyone has said it is 'better' but that it will be easier, quicker, and probably cheaper if the mortgage lender does not have to be involved. You might have reasons why it would be better from your point of view to do it now and not wait 2 -4 years.